Legislation that was recently reintroduced in Congress to eliminate income taxes on Social Security benefits has been getting renewed attention.
While the bill was reintroduced in May by Congressman Thomas Massie (R-KY), it has gotten some additional publicity this week; this is a post from Massie’s Facebook page:
The bill (H.R. 2552) would eliminate income taxes on Social Security benefits, something Massie says is needed to boost the retirement incomes for older Americans.
Under the terms of the bill, Social Security benefits would neither be taxable nor reportable on individual tax returns. Massie says this would restore the integrity of the Social Security program.
“Social Security is financed with Americans’ tax dollars, so taxing Social Security is double-taxing by the Federal Government,” said Massie. “Taxing these benefits is an accounting sleight of hand that redistributes portions of the Social Security trust fund to other areas of government.”